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论文编号：	2521
作者编号：	2120082098
上传时间：	2010/6/11 11:25:13
中文题目：	定向增发与企业经营绩效的实证研究
英文题目：	Empirical research on Private Equity Placements and Operating Performance
指导老师：	刘志远
中文关键字：	定向增发 经营绩效 多元线性回归 发行类型
英文关键字：	private equity placements; operating performance; multiple linear regression models; kinds of placements
中文摘要：	2006年，定向增发作为一种重要的股权再融资方式，正式的走上了中国资本市场的舞台。随后的几年中，绝大多数再融资的公司都把定向增发作为了首选。而国内外的学者也都陆续验证了定向增发会给公司股价带来正的宣告效应。那么定向增发会对企业的经营绩效产生什么样的影响？定向增发后几年内的公司的绩效表现又是如何？是值得我们深入研究的问题。是哪些因素影响了定向增发企业的经营绩效，不同类型的定向增发对企业的经营绩效的影响是否不同，这都是本文试图要探讨的问题。 本文首先进行了相关的文献回顾,然后梳理了关于定向增发的相关概念和定向增发的主要类型，并对定向增发与企业经营绩效的联系进行了理论分析。在实证部分以2007年定向增发的我国A股上市公司为样本，并筛选出相应的配对公司与之比较，通过对比净资产收益率，总资产收益率，以及因子分析的综合得分等，研究定向增发与我国A股上市公司的经营绩效的相关问题，初步探究公司定向增发后的经营绩效的表现趋势。通过多元线性回归的模型，进一步的探究影响定向增发经营绩效表现的因素，探寻定向增发公司的相关特征推动与企业长期经营绩效的影响。 本文主要得出以下结论，上市公司定向增发后企业的经营绩效会在增发当年有提升，但是提升并不显著，但是在增发后的第一年和第二年，企业的经营绩效均有显著的下降。在影响经营绩效的因素方面，定向增发的发行规模与绩效呈反向的关系，定向增发公司发行前的资产负债率与绩效也是反向的关系；定向增发前公司的盈利能力与定向增发后公司的绩效是反向关系。但是公司的规模与增发后的业绩是正向的关系。 不同特征的定向增发对于企业经营绩效的影响，研究发现仅向大股东发行的会对企业的经营绩效有正面的影响，且仅向大股东增发的影响要好于仅向机构投资者和向二者同时增发。资产重组为目的略好于以项目融资为目的的定向增发，但是统计上并不显著。
英文摘要：	In 2006, private placements of equity as an important re-financing means, took the stage of China's capital market officially. In the following years, the vast majority firms regarded private equity placements as the first choice of refinancing. What is more, the domestic and foreign scholars have successively proved that private equity placements would result in positive announcement effects. Then what effects will the the private equity placements bring to the firms? How is the performance of the firms which implemented private equity placements within a few years after placements? These are really worth our further study. Which factors affect the performance of private-equity-placements enterprises? Do different types of private equity placements have different effects on the operating performance of private-equity-placements firms? This article tries to study on these problems. Firstly, this article reviewed related domestic and foreign literatures about the private equity placements. Then the article introduced the related concepts of private equity placements and the main types of private equity placements. And then the relationship between private placements and firms’ operating performance was analyzed theoretically. In the empirical part, I used the A-share listed companies which completed private equity placements in 2007 as a sample and selected companies with corresponding characters as a comparison. By comparing the return on Equity, the return on Assets, as well as the comprehensive score in factor analysis, I try to study related issues of between private equity placements and operating performance. And I also want to study the tendency of operating performance after the private placements. By multiple linear regression models, I further explored factors that affected the private-placement firms’ operating performance. Further, I explored the company's private placement and business-related features to promote long-term business performance. This paper concluded that a listed company after the private placements, its operating performance was improved in the issuance of that year, but the upgrade is not significant. However, after the issuance of the first and second year, the operating performances were significantly declined. Factors affecting operating performance, are the issue scale of private placements, debt ratio before the placements, profitability before the placements and the scale of the firms. It is proved that the issue scale of private placements, debt ratio before the placements, profitability before the placements have the reverse relationship with operating performance. However, the scale of the firms has a positive relationship with operating performance. Different characteristics of private placement had different impacts on operating performance. The study found only issued to the shareholder performance of an enterprise will have a positive impact, and only additional effect to the shareholder is better than only to institutional investors and to both also additional.
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